During his visit in Saudi Arabia on May 31, 2019, Amr Talaat (photo), Egypt’s minister for IT and communications, met his local peer  Abdullah bin Amer Alswaha, to discuss the improvement of their partnership and new ones in the IT sector. During their meeting, the two ministers considered ways to boost the said partnerships in the AI, IT, innovation and entrepreneurship sectors. They...

In a release published on May 31, 2019, Bank of Ghana indicated that it revoked the licences of 347 insolvent microfinance institutions to safeguard the financial sector's stability. According to the central bank, 192 of the institutions concerned are still in activity while 155 have already ceased operations. It added that the licences of 39 microlending institutions have also been revoked.

Indian automaker Mahindra & Mahindra plans to open assembly plants in Kenya and Sudan, the Business Standard reported on June 2, 2019, citing Arvind Mathew, one of the firm’s executive.   According to the executive, “With trade barriers becoming the order of the day, having a local production unit is the only way to get around it.” M. Mathew added that his firm was planning to...

In Nigeria, Lagos wants to increase its sustainable investments. In that regard, it has joined the Financial Centres for Sustainability network (FC4S). The FC4S is a United Nations’ initiative aimed at accelerating sustainable finance. “Huge flows of private capital are needed to deliver the green and sustainable finance needed to implement the Paris Agreement and sustainable development...

On May 31, 2019, Standard & Poor’s published its first-ever short and long term credit rating for Togo’s debts denominated in local and foreign currencies. According to the rating agency, Togo stands at B with stable outlooks for those debts. “We expect economic activity will benefit from the recent upgrading of key infrastructures, such as the completion of extensive works at the port of...

In Morocco, the government announced its intention to reduce its participation in incumbent operator Maroc Telecom. It will sell stakes equivalent to 8% of the operator’s total shares. The capital of this CSE-listed operator is owned by Etisalat (53%), the government (30%). On the Casablanca Stock Exchange, there is a tradable capital of 16.9%. Part of the 8% to be sold should be transferred...

Wim Vanhelleputte (photo), CEO of MTN Uganda, is now authorized to return to the country. On May 30, 2019, MTN Group announced that Ugandan president Yoweri Museveni has stepped in to request the CEO’s immediate return. Wim Vanhelleputte was deported from Uganda on February 14, 2019. MTN Uganda was then accused of various offences including harm to the state security and false tax returns. It...

On May 31, 2019, MTN Nigeria paid the whole $1.6 billion fine it received in 2015 for not deactivating 5.1 million unregistered sim cards. The operator has indeed paid the NGN55 billion, which is the sixth and last tranche of these payments started in 2016. According to chief corporate relations officer of MTN Nigeria Tobechukwu Okigbo, the “successful resolution of the fine was the...

Mining projects developer MOD Resources is negotiating a $182 million loan with banks for its project in Botswana.   According to the Australian firm, potential lenders have sent encouraging offers after completion of the feasibility studies. It added that there were ongoing negotiations with potential partners.   MOD Resources became the sole stakeholder in this project on...

The African Development Bank Group on 3 June 2019, announces the debarment of Qualitrends Global Solutions Nigeria Limited, a construction company registered in Nigeria, for a period of 36 months. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Qualitrends Global Solutions Nigeria Limited engaged in numerous acts of fraud in bidding for a...